So will Carlos Slim write off the €1.7bn that he has spent by taking a 28 per cent stake last year in KPN, the now troubled Dutch telecoms group?
KPN’s decision to stage a €4bn rights issue puts Slim’s América Móvil in a quandary. Should it put up more money to maintain its percentage stake or stay put and swallow its pride as well as its losses? Continue reading »
Most other investors might be selling assets and hoarding cash, but not Carlos Slim. The Mexican telecoms tycoon and world’s richest man is on a shopping spree. This week alone he has bought a 21 per cent stake in Telekom Austria, while simultaneously pursuing a bigger stake in Dutch telecoms operator KPN. He’s also emerged as the surprise acquirer of an 8.4 per cent stake in Argentine oil company YPF. Using market prices, those two deals alone are worth around $1.3bn. What’s going on? Continue reading »
The announcement this week by América Móvil that it intends to increase its share in Dutch telecoms outfit KPN to up to 28 per cent from the 4.8 per cent it has at present has all the signs of a text-book Carlos Slim move.
For years now, the Mexican telecoms tycoon and the world’s richest man, according to Forbes, has been trying to get into the European market. In 2007, his plans to buy, together with AT&T, a stake in a company that controlled Telecom Italia were foiled by local political resistance to the entry of a non-domestic player. Continue reading »